Investor behaviour
VCs breaking their thesis
A focused fund's first cheque outside its own track record: a new sector, a new region, or an entry far earlier than usual. The thesis is what each fund's earlier first cheques show (15 or more, 80% inside the focus). Follow-ons never count. Each deal is checked against the round's sources, and a deal whose article lists other investors and not the fund is left out.
907
VCs broke their pattern since 2020
495
of them in 2025 and 2026
14%
of focused VCs investing in 2026 (283 of 2023)
884 / 1087 / 31
new sector / region / earlier stage
VCs breaking their pattern, per month
New sectorNew regionEarlier stage
Jan 2020Oct 2026
843 breaks are rounds known only by their year. They count in the totals and the list, not in the monthly bars.
- Dec 18, 2024SourceNew regionFirst deal in UK & Ireland. Before: 31 first cheques, 26 in Nordics, 3 in North America.
- Dec 18, 2024
- Dec 17, 2024
- Dec 2024New regionFirst deal in DACH. Before: 32 first cheques, 31 in North America, 1 in Benelux & France.
- Dec 2024SourceNew regionFirst deal in Southern Europe. Before: 17 first cheques, 14 in LATAM, 1 in North America.
- Dec 2024New regionFirst deal in DACH. Before: 28 first cheques, 27 in North America, 1 in UK & Ireland.
- Dec 2024New regionFirst deal in UK & Ireland. Before: 73 first cheques, 63 in North America, 3 in APAC.
- Nov 7, 2024New regionFirst deal in APAC. Before: 15 first cheques, 12 in North America, 1 in UK & Ireland.
- Nov 2, 2024SourceNew regionFirst deal in North America. Before: 18 first cheques, 16 in APAC, 1 in UK & Ireland.
- Nov 2024New regionFirst deal in DACH. Before: 22 first cheques, 19 in North America, 2 in UK & Ireland.
- Nov 2024SourceNew regionFirst deal in Nordics. Before: 37 first cheques, 30 in North America, 2 in UK & Ireland.
- Nov 2024SourceNew regionFirst deal in Nordics. Before: 30 first cheques, 27 in North America, 1 in UK & Ireland.
- Oct 14, 2024New regionFirst deal in Southern Europe. Before: 15 first cheques, 15 in DACH.
- Oct 7, 2024
- Oct 2024New regionFirst deal in UK & Ireland. Before: 16 first cheques, 14 in North America, 1 in DACH.
- Oct 2024SourceNew regionFirst deal in MEA. Before: 31 first cheques, 29 in North America, 1 in Benelux & France.
- Oct 2024New regionFirst deal in Southern Europe. Before: 29 first cheques, 27 in Benelux & France, 1 in North America.
- Oct 2024New regionFirst deal in Nordics. Before: 43 first cheques, 37 in DACH, 2 in North America.
- Oct 2024New regionFirst deal in UK & Ireland. Before: 30 first cheques, 30 in North America.
- Sep 30, 2024
- Sep 30, 2024SourceNew regionFirst deal in UK & Ireland. Before: 29 first cheques, 28 in DACH, 1 in Benelux & France.
- Sep 2024New regionFirst deal in DACH. Before: 42 first cheques, 36 in North America, 3 in APAC.
- Sep 2024New sectorFirst Healthcare & Life Sciences cheque. Before: 19 first cheques, 15 in Software & Developer Tools, 3 in Commerce & Marketing.New regionFirst deal in North America. Before: 19 first cheques, 17 in Benelux & France, 1 in DACH.
- Sep 2024New sectorFirst Energy, Environment & Mobility cheque. Before: 21 first cheques, 16 in Software & Developer Tools, 3 in Finance & Blockchain.New regionFirst deal in UK & Ireland. Before: 21 first cheques, 20 in North America, 1 in APAC.
- Aug 9, 2024New regionFirst deal in North America. Before: 15 first cheques, 13 in Benelux & France, 1 in APAC.
- Aug 2024
- Aug 2024
- Jul 29, 2024SourceNew regionFirst deal in LATAM. Before: 23 first cheques, 19 in Southern Europe, 2 in CEE.
- Jul 2024New regionFirst deal in Nordics. Before: 75 first cheques, 62 in UK & Ireland, 7 in North America.
- Jun 24, 2024SourceNew regionFirst deal in DACH. Before: 25 first cheques, 22 in APAC, 3 in North America.
- Jun 19, 2024SourceNew regionFirst deal in DACH. Before: 16 first cheques, 13 in North America, 1 in UK & Ireland.
- Jun 12, 2024SourceNew regionFirst deal in MEA. Before: 58 first cheques, 48 in North America, 3 in UK & Ireland.
- Jun 12, 2024SourceNew regionFirst deal in MEA. Before: 18 first cheques, 15 in North America, 1 in UK & Ireland.
- Jun 2024New regionFirst deal in LATAM. Before: 26 first cheques, 24 in North America, 2 in DACH.
- Jun 2024SourceNew regionFirst deal in DACH. Before: 40 first cheques, 32 in APAC, 3 in North America.
- Jun 2024New regionFirst deal in CEE. Before: 17 first cheques, 14 in North America, 1 in DACH.
- May 16, 2024SourceNew regionFirst deal in LATAM. Before: 15 first cheques, 13 in North America, 1 in UK & Ireland.
- May 2024New regionFirst deal in UK & Ireland. Before: 22 first cheques, 21 in APAC, 1 in North America.
- May 2024New regionFirst deal in UK & Ireland. Before: 34 first cheques, 31 in North America, 1 in Nordics.
- May 2024SourceNew regionFirst deal in APAC. Before: 15 first cheques, 13 in DACH, 2 in North America.